Yahoo Autos Does Your Next EV Come with a $3750 or $7500 Tax Credit? Here's the List
For better or worse, EVs appear to be our future. The U.S. government is putting increased weight into the shift, with the EPA releasing a full list of EVs eligible for tax incentives. We've done the due diligence of gathering each EV that's currently eligible to earn either the partial $3750 credit or the full $7500 credit and listed them below. While plug-in-hybrid models are also eligible for government discounts, we're focusing solely on new electric vehicles, meaning those that are 2024 models.
Despite an influx of new EVs entering the market, the list below is comparatively short due to stricter government requirements over eligibility, most recently new rules that went into effect on January 1, 2024, regarding battery sourcing. For a more in-depth look at how EV tax credits work, check out our dedicated article here.
About the New Federal EV Tax Credit
2024 Acura ZDX ($7500)
The Acura ZDX is the brand's first electric vehicle, and it shares a platform with the Honda Prologue. Both EV SUVs are based on GM's Ultium platform, but the ZDX features more powerful electric motors than its Honda counterpart. The front-wheel-drive ZDX makes 340 horsepower, while all-wheel-drive models make up to 500 horses. That latter figure is for the high-performance Type S. Along with range estimates between 288 and 325 miles, the ZDX is priced at $65,745 for the A-Spec trim and $74,745 for the Type S. Acura says every version is eligible for the full $7500 federal tax credit.
2024 Cadillac Lyriq ($7500)
The long and sleek Cadillac Lyriq runs on GM's Ultium platform along with big dogs like the GMC Hummer EV, but while that vehicle crashes over sand dunes, the Lyriq glides smoothly through traffic. The 102.0-kWh battery offers an estimated range of up to 308 miles of luxurious cruising in the single-motor version, and up to 307 miles in the dual-motor setup. It starts at $58,590 before the $7500 tax credit.
2024 Chevrolet Blazer EV ($7500)
Despite some early stumbles out of the gate—GM had to institute a temporary stop-sale order as it resolved software-related issues—the Chevy Blazer EV is back on sale with a much lower price. Pricing for the entry-level LT trim with all-wheel drive starts at $50,125. The next-level RS AWD costs $54,595; the rear-whee-drive version is priced at $56,170 due to more mandatory options. Of course, the 2024 Blazer EV can also be had with a $7500 discount, because it's eligible for the full federal tax credit.
2024 Chevrolet Equinox EV ($7500)
GM appears to have overcome its initial struggles with EV production, with the Equinox EV finally reaching customers. Pricing for the entry-level 1LT trim with front-wheel drive and 210 ponies starts at $34,995, though only the more expensive trims are available right now. Upgrading to the all-wheel-drive system boosts power up to 290 horsepower, though it hampers the Equinox's maximum range, bringing the figure from an estimated 319 miles down to 285.
2024 Ford F-150 Lightning ($7500)
If you somehow manage to miss the unique badging and huge light bar spanning the front of the F-150 Lightning, you could reasonably step inside and assume you are in a gas-powered F-150. Inside and out, the Lightning looks nearly identical to the regular truck, but the EV pickup manages between 230 and 310 miles of range, though hooking anything to the trailer hitch will see those miles disappear like magic. The F-150 Lightning starts at $57,090 before the $7500 credit.
2024 Honda Prologue ($7500)
The Honda Prologue exists as the only EV in Honda's U.S. showrooms, however, its SUV classification should make it appealing. The Prologue features front- or all-wheel-drive powertrains, with the latter providing 288 horsepower. While that doesn't provide the typical punchy acceleration that many EVs are known for, the Prologue does have solid EPA-range estimates of between 273 and 296 miles. The front-drive model starts at $48,795, and the AWD version opens at $56,095, but both of those prices can be reduced by $7500 after the available federal incentive.
2024 Tesla Model 3 Performance ($7500)
Unfortunately, the batteries in the standard-range rear-wheel-drive Tesla Model 3 keep it from being eligible for the full $7500 tax credit. On the other hand, after a last-second price reduction, the more expensive Model 3 Performance sneaks under the $55,000 threshold required for cars. The Performance version launches to 60 mph in 3.5 seconds and offers an impressive 315 miles of range for the price point.
2024 Tesla Model Y ($7500)
While some Tesla Model 3 variants are left out of the equation, every Model Y is eligible for the full $7500 credit. Unfortunately, just like the Model 3, the Y’s interior is crafted from low-quality materials. The Model Y lineup includes the entry-level rear-wheel-drive model that starts at $44,630 and has 260 miles of estimated range, the AWD version starts at $49,630 and has a 330-mile estimate, and the Performance starts at $54,130 and has an estimated 303 miles of range per charge.
2024 Model X ($7500)
The Model X may be getting long in the tooth, but it's gullwing-style rear doors are still a cool party trick. Either way, Tesla's larger SUV starts at $81,380, but that price includes the $1390 destination fee, so it's technically eligible for the full $7500 discount, as it's under the $80,000 cap. The X has an EPA-estimated driving range of 335 miles. There's a high-performance Plaid version with three electric motors making a combined 1020 horsepower. However, it is priced well over the cap, so it's not eligible for any federal tax credit.
2024 Volkswagen ID.4 ($7500)
Sharp looks, a practical cabin, and a competitive price point all sum up Volkswagen's electric crossover for the masses. Plus, since it's manufactured at the company's Chattanooga, Tennessee, facility, it earns buyers the full tax credit. Starting at $40,290 for the standard version and ranging up to $52,740 for the more powerful Pro S Plus, the VW ID.4 is comfortably below the $80,000 tax incentive ceiling. We'd love a bit more excitement from an enthusiast's viewpoint, but the interior is well appointed and spacious enough for the whole family.
2024 Nissan Leaf ($3750)
With a $29,280 base price, the Nissan Leaf is currently the cheapest way to get into the world of EVs. The partial tax credit helps drop the costs even lower. Unfortunately, with its largest battery configuration, the Leaf barely manages 200 miles of range. To make matters worse, not all public charging stations work with Nissan's CHAdeMO charging connector. On the bright side, the small package is relatively well appointed and lets city drivers zip through traffic and fit in tight parking spaces.
2024 Rivian R1S ($3750)
Rivian's first attempt at an SUV skims just under the maximum MSRP threshold to be eligible for the full $7500 tax credit. The R1S starts price of $76,700, and it comes well equipped as standard. We managed a 3.1-second sprint to 60 mph in our testing of the quad-motor First Edition, and the standard battery offers 260 miles of range.
2024 Rivian R1T ($3750)
Rivian's R1T pickup offers a nearly identical package to the R1S, but with a starting price of $74,800. Those who want added performance can opt for the $5000 dual-motor option for some additional horsepower. The R1T's cabin is rife with luxury features and tech, including a large 16.0-inch infotainment system and a separate digital gauge display.
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